SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2006 SESSION
HB 423 Retail Sales and Use Tax; distribution to certain localities.
Introduced by: David A. Nutter | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Sales and use tax; distribution to certain localities. Distributes certain sales and use tax revenues to localities that have experienced a reduction in machinery and tools tax revenues of at least 50% during the two most recently ended fiscal years, excluding any reduction due to a decrease in the tax rate. The annual amount to be distributed shall be the lesser of one-half of the annual amount distributed to the county, city, or town pursuant to § 58.1-605, or one-half of the two-year reduction in the machinery and tools tax revenues for the locality. Such annual payments shall continue until the fiscal year immediately following two successive fiscal years in which the county's, city's, or town's total machinery and tools tax revenues for those two fiscal years equal or exceed 80% of the amount of such revenues collected in the two-year period immediately preceding the two fiscal years in which there was at least a 50% reduction in such revenues.
FULL TEXT
HISTORY
- 01/06/06 House: Prefiled and ordered printed; offered 01/11/06 063301436
- 01/06/06 House: Referred to Committee on Appropriations
- 02/15/06 House: Left in Appropriations